AMG rises after Q1 beat, mid-term profit guidance hike

AMG Critical Materials NV

04/05/2023 09:01

** Shares in AMG Advanced Metallurgical Group NV (AMG)
 AMG.AS  rise around 4% after the miner beat Q1 earnings
forecasts and raised its mid-term guidance
    ** Q1 EBITDA was $118.1 mln, up 116% YoY and beating the
$109.0 mln expected in a company-provided poll of analysts
    ** The company also raised its mid-term EBITDA guidance to
at least $650 mln against at least $500 mln previously
    ** Berenberg labels results "decent", flags the guidance,
EBITDA beat, and says cash flow from operations at $93 million
is "well ahead" of its estimate of $44 million
    ** AMG confirmed its 2023 outlook and said it will change
its name to AMG Critical Materials, subject to board approval

 (Reporting by Olivier Sorgho)
 ((Olivier.Sorgho@thomsonreuters.com))